Seattle Genetics, Inc. (SGEN), a clinical-stage biotechnology company, Tuesday reported a narrower fourth quarter loss, helped by a surge in quarterly revenues, which also comfortably surpassed estimates.
Net loss for the quarter was $12.1 million or $0.12 per share, compared to net loss of $30.60 million or $0.38 per share in the same quarter a year ago.
On average, 10 analysts polled by Thomson Reuters expected a loss of $0.23 per share for the quarter. Analysts' estimate typically excludes one-time items.
Revenues jumped to $21.77 million from $10.07 million in the year ago quarter, beating Street estimates of $11.71 million for the quarter. Revenues reflects the earned portion of payments received under the company's dacetuzumab collaboration with Genentech.
Total operating expenses were $34.5 million, down from $41.9 million in the prior year quarter, helped by lower manufacturing costs for dacetuzumab and brentuximab vedotin, and decreased lintuzumab clinical trial costs.
Loss from operations was $12.70 million, compared to loss from operations of $31.88 million in the year-ago quarter.
As of December 31, 2009, Seattle Genetics had $287.7 million in cash and investments, compared to $306.0 million as of September 30, 2009.
For the full year 2009, net loss was $81.68 million or $0.90 per share, compared to loss of $85.50 million or $1.09 per share a year ago. Revenues for the year were $51.97 million, up from $35.24 million in the prior year. The Street expects a loss of $1.02 per share on revenues of $41.65 million for the year.
Looking ahead to full year 2010, Seattle Genetics said it expects revenues in a range of $95 million to $105 million. The Street currently expects revenues of $47.32 million for the year.
Operating expenses for 2010 are expected to be in the range of $160 million to $180 million primarily directed towards brentuximab vedotin pivotal development and pre-commercialization activities, as well as development and clinical activities for lintuzumab, SGN-75 and ASG-5ME.
SGEN closed Tuesday's regular trading at $9.59, up $0.25 or 2.68%, on a volume of 0.52 million shares. In after-hours trading, the stock further rose $0.47 or 4.90%, to trade at $10.06.
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